Mobius Benefit Administrators Inc. (Mobius) has provided the 2020 Annual Report for the Regina Civic Employees’ Long-Term Disability Plan, attached as Appendix A. This Annual Report has been prepared based on the requirements defined in The Regina Civic Employees’ Long-Term Disability Plan 1992, Bylaw No. 9566 (Bylaw No. 9566) Schedule A.
Based on the information contained within this report, the plan is solvent reporting a $32.5M surplus and a funding status of 266 per cent.
There are no environmental, policy, strategic or accessibility implications associated with this report.
None with respect to this report.
None with respect to this report.
The Regina Civic Employees’ Long-Term Disability Plan is a multi-employer plan with contributing members from City of Regina, Saskatchewan Health Authority, Regina Board of Education (non-teaching staff), Regina Public Library, Buffalo Pound Water Administration Board and Mobius Benefit Administrators Inc. The plan is intended to provide eligible members with protection against loss of income when experiencing illness or injury.
The Regina Civic Employees’ Long-Term Disability Plan is governed by an Administrative Board that consists of members appointed by City Council and the Civic Employees’ Pension and Benefits Committee in accordance with the terms of Bylaw No. 9566. Representation on the board mirrors the Administrative Board of the Regina Civic Employees’ Superannuation and Benefit Plan and is approximately representative of the employee groups in the plan. The Administrative Board’s responsibilities include compliance, strategy and stewardship.
Mobius administers this plan in accordance with Bylaw No. 9566 on behalf of the Administrative Board. Manulife Insurance provides adjudication and administrative services to support Mobius. This annual report has been prepared based on the requirements defined in Schedule A of the Bylaw and has been forwarded to City Administration for the purpose of ensuring City Council is informed.
As outlined within Schedule A of Bylaw No. 9566, Section 9.4(3), the Board shall annually report to Council on the operation of the Plan. Appendix A is a copy of the 2020 Annual Report, which includes the following information:
· An overview of the plan status, its governance and claims management.
· Management of investments, including investment results.
· Audited financial statements for the period ending December 31, 2020.
A report containing the 2019 Annual Report was forwarded to City Council on September 30, 2020. Highlights captured within this 2020 report in comparison to that reported within the 2019 annual report are:
· Net assets available for Benefits $52.0M in 2020, up from $51.1M in 2019.
· Disability Obligations $19.5M in 2020, down from $19.6M in 2019.
· Surplus $32.5M in 2020, up from $31.5M in 2019.
· Funding Status 266 per cent in 2020, up from 261 per cent in 2019 (Target Funding Status of 136 per cent).
· Investment Returns $2.4M in 2020, down from $4.0M in 2019.
· Administration expenses $1.0M in 2020, same in 2019.
· Disability Benefit Payments $2.9M in 2020, down from $3.5M in 2019.
In accordance with Bylaw No. 9566, the annual report, including an overview of the plan status, investment results and financial statements, is provided to City Council for information.
Respectfully Submitted, Respectfully Submitted,
Shawn Chaudhary, Director Louise Folk, Executive Director
People & Organizational Culture People & Transformation